Question 3 (11 points)
The following is a partial unadjusted Trail Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
3/31/16
Accounts
DEBIT
Cash $27,500
Prepaid Expenses 600
CREDIT
Accounts Payable $15,000
The Prepaid Expenses relate to the machine rent that Bravo paysin February for March. Use this information to prepare theAdjusting General Journal entry (without explanation) forMarch.
Question 4 (11 points)
The following is a partial unadjusted Trial Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
2/29/16
Accounts
DEBIT
Cash $15,500
Supplies 12,400
CREDIT
Accounts
Payable $10,500
DEBIT
Supplies Expense 5,000
The Supplies account balance on February 1, 2016 was $1,400.During the month of February Bravo purchased $11,000 of suppliesfor use in its operations. On February 29, Bravo warehouse chiefinventoried supplies and determine the value on hand was $1,500.Use this information to prepare the General Journal entry (withoutexplanation) for the required end of the month adjustment.
Question 3 (11 points)
The following is a partial unadjusted Trail Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
3/31/16
Accounts
DEBIT
Cash $27,500
Prepaid Expenses 600
CREDIT
Accounts Payable $15,000
The Prepaid Expenses relate to the machine rent that Bravo paysin February for March. Use this information to prepare theAdjusting General Journal entry (without explanation) forMarch.
Question 4 (11 points)
The following is a partial unadjusted Trial Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
2/29/16
Accounts
DEBIT
Cash $15,500
Supplies 12,400
CREDIT
Accounts
Payable $10,500
DEBIT
Supplies Expense 5,000
The Supplies account balance on February 1, 2016 was $1,400.During the month of February Bravo purchased $11,000 of suppliesfor use in its operations. On February 29, Bravo warehouse chiefinventoried supplies and determine the value on hand was $1,500.Use this information to prepare the General Journal entry (withoutexplanation) for the required end of the month adjustment.
Related questions
Question 1
The following is the Bravo Unlimited unadjusted Trial Balance.
| Bravo Unlimited | ||
| Unadjusted Trial Balance | ||
| December 31, 2016 | ||
| Account Title | Debit | Credit |
| Cash | $88,450 | |
| Accounts Receivable | 231,860 | |
| Supplies | 6,255 | |
| Prepaid Rent | 12,000 | |
| Equipment | 395,285 | |
| Accumulated Depreciation | $224,260 | |
| Accounts Payable | 73,555 | |
| Wages Payable | 0 | |
| Capital Stock | 220,000 | |
| Retained Earnings | 111,145 | |
| Service Revenue | 893,105 | |
| Interest Income | 1,500 | |
| Rent Expense | 60,500 | |
| Wages Expense | 527,260 | |
| Supplies Expense | 42,520 | |
| Utilities Expense | 8,595 | |
| Depreciation Expense | 144,000 | |
| Interest Expense | 6,840 | ________ |
| Totals | $1,523,565 | $1,523,565 |
Adjusting Items:
1. A physical inventory shows supplies on hand of $2,500 at year end.
2. The prepaid rent covers December 2016 thru March 2017 rents.
3. December depreciation on equipment is $11,500 per month.
4. At year end Wages of $12,000 were earned but unpaid.
Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."
The following is the Bravo Unlimited adjusted Trail Balance.
| Bravo Unlimited | ||
| Adjusted Trial Balance | ||
| December 31, 2016 | ||
| Account Title | Debit | Credit |
| Cash | $88,450 | |
| Accounts Receivable | 331,860 | |
| Supplies | 15,255 | |
| Prepaid Rent | 9,000 | |
| Equipment | 295,285 | |
| Accumulated Depreciation | $235,760 | |
| Accounts Payable | 73,555 | |
| Wages Payable | 12,000 | |
| Capital Stock | 220,000 | |
| Retained Earnings | 111,145 | |
| Service Revenue | 902,105 | |
| Interest Income | 1,500 | |
| Rent Expense | 63,500 | |
| Wages Expense | 539,260 | |
| Supplies Expense | 42,520 | |
| Utilities Expense | 8,595 | |
| Depreciation Expense | 155,500 | |
| Interest Expense | 6,840 | _________ |
| Totals | $1,556,065 | $1,556,065 |
Prepare the general journal entry (without explanation) needed to close the revenue(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."
